Newark, NJ, May 27, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global flavoring agent market is expected to grow from $ 17.20 billion in 2020 to $ 24.74 billion by 2028, with a CAGR of 4.65% during the forecast period 2021-2028
There are factors that are driving the growth of the global flavoring agents market. Some of these include increasing disposable income, which increases interest in unique experiences and international cuisines. Additionally, strict product labeling regulations and laws have urged food and beverage manufacturers to use natural flavors because of their health benefits. Growing health awareness has resulted in the increasing use of aromas made from nuts, seafood, vegetables, spice blends, fruits and wine. Moreover, increasing consumption of functional beverages among the geriatric and young population will provide strong business prospects for the flavoring agents market.
Flavoring agents are complex mixtures obtained from artificial processes to modify the taste of the product. These flavoring agents may contain certain food preservatives, emulsifying and stabilizing agents and antioxidants. Flavoring agents are regulated by government agencies such as FSSAI, the Codex Alimentarius Commission, and the FDA to ensure the safety of consumption as food additives. Flavoring agents are generally classified into three categories: artificial flavors, natural flavors, and natural-like flavors. Artificial flavoring agents are chemically comparable to natural flavors but are more readily available and less expensive. Natural flavors refer to the aromatic preparations and the single substance, respectively, acceptable for human consumption. An aroma of identical nature means chemically isolated from aromatic raw materials or obtained by synthesis.
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The global flavoring agents market is expected to experience significant growth owing to the strict laws and high production cost of food additives. The increase in fast food and restaurants and the increasing consumption of exotic foods will drive product sales in the food service industry. In addition to this, flavoring agents are seeing increasing demand from energy, sports, alcoholic and carbonated beverage manufacturers around the world. Factors limiting the growth of the market are that natural flavors are less stable, which reduces the shelf life of products and the ban of certain flavoring ingredients that are unfit for human consumption. In addition, the rising cost of raw materials for manufacturing natural flavors is the challenge of market growth.
Major players operating in the flavoring agents market include Robertet SA, T. Hasegawa Co., Ltd., Givaudan SA, Frutarom Industries Ltd., Symrise AG, RFI Ingredients, Inc, Archer Daniels Midland Company, McCormick & Company, MANE Inc ., Sensient Flavors LLC and Synergy Flavors, Inc. To gain significant market share in the global flavoring agents market, major players are now focusing on adopting product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
- For example, in February 2019, orange vanilla is the new flavor of coke launched by Coke. This orange vanilla will help the company to obtain more variety of soda. The beverage maker decided to add and rethink their flavor options such as Cherry Coke Zero, Vanilla Coke, Vanilla Coke Zero, and Cherry Coke. Thus, it will help the company to increase its sales and income generation.
The artificial flavor segment dominated the market and held the largest market share of 56.03% in 2020.
On the basis of type, the global flavoring agent market is segmented into artificial flavor and natural flavor. Artificial flavors segment dominated the market and held the largest market share of 56.03% in 2020. This growth is attributed to low cost, convenient manufacturing process and easy availability compared to natural ingredients.
The beverage segment dominated the market and held the largest market share of 20.12% in 2020.
Based on the application, the global flavoring agent market is segmented into savory and ready-to-eat foods, beverages, confectionery, pet food, pharmaceuticals, and meat. The beverage segment dominated the market and held the largest market share of 20.12% in 2020. This growth is attributed to the increasing consumption of ethnic beverages and lifestyle changes among the adult population in emerging countries.
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Regional Segment Analysis of Flavoring Agents Market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Russia, rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, United Arab Emirates, Saudi Arabia and the rest of the MEA)
On the basis of geography, the flavoring agents market has been classified into North America, Europe, Latin America, Asia-Pacific, Middle East and Africa. The Europe region holds the largest market share of 27.13% in 2020. This growth is attributed to the increased consumption of foods low in salt, low in fat and low in carbohydrates, which is a key factor. to stimulate demand and consumption of flavored foods. After all, flavors are specific to the country and region, producers have focused on securing greater market share by forming custom flavors. The presence of high flavor producers across the region like Firmenich, Frutarom, International Fragrance and Flavors, Inc, Givaudan will fuel the growth of the regional market. On the other hand, the Asia-Pacific region is experiencing significant growth due to the high purchasing power of the population in countries like Indonesia, China and India, which allows them to opt for the dishes cooked and fast food. In addition, the growing trend of burgers, restaurants and fast food, coupled with the development of the use of interesting foods, will propel the demand for results in the foodservice divisions. In addition, the growing demand for clean products and organic labeling is expected to thrive in the flavoring agent market.
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About the report:
Global Flavoring Agents Market is analyzed on the basis of value (USD Billion). All segments were analyzed globally, regionally and nationally. The study includes analysis of over 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to gain key insights into the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.
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